What Do I Start with First?

[azmedsupagent]

What about tax filings? Is it better to start off as an LLC or just start self-employed? I know I can always change it later if I become more successful, but what is best way to start since I will spend almost just as much as I make on my business this year. I don't plan on getting any advances to start I want to keep my earned income low since I have savings to support myself.

Create an LLC and make the scorp election at tax time. Get yourself a good cpa, they can save you a ton. I don't mean Hr block, I mean a real tax wiz with lots of experience. Also you'll need to pay yourself a salary, cpa can help with that too.

 

[Residentzombie]

So I am getting everything going finally. Need a brand new front suspension on my car and had to clear up a court judgment from my previous landlord for Aetna to accept me which they did. So far I have Humana, Aetna, and United Healthcare and just submitted contracting for Mutual of Omaha. I bought some nice clothes and some nice $50 Dockers dress shoes (super comfortable) and I am now in the process of buying all the office supplies that I need. I need to buy a landline phone and wireless headset that can make 3 way calls easily. Then after that I have to research cold call lists. I know of Listshack, but I don't know how recent/accurate their numbers are and it sounds like their numbers aren't srubbed with the Do Not Call list. I did all my AHIP 2017 testing and got a perfect 50/50 on my test. So I am on the correct path now. I won't start a LLC until I get an office after I hit 250 clients. My goal is 50 clients year 1 and 60 year 2 which is very obtainable although the Wisconsin market is very different from Arizona and Florida. I want to move and may move to Missouri or Oregon since they have a nice Birthday guarantee issue period, but so many seniors in Florida and Arizona.

I have read the underwriting guides and it is fairly easy (with exception to medications lists grr) and I have had prior success telemarketing, so I know it will work. After getting some business cards created I will be joing you guys on the grind once again.

To the previous agent who commented that you cannot call a Medicare beneficiary you are wrong. You can only telemarket for Medicare Supplements (barring any State regulations) and set an appointment on that premise. Once at the appointment if the client wants you to discuss Part C and/or D, you just need to have them sign a Scope form and you can sell them the C or D plan on the same initial visit. This is a fine line you are walking, but you are in 100% compliance if you do it this way. CMS made the do not telemarket for C or D rule and supplements do not apply.

 

[goillini52]

So I am getting everything going finally. Need a brand new front suspension on my car and had to clear up a court judgment from my previous landlord for Aetna to accept me which they did. So far I have Humana, Aetna, and United Healthcare and just submitted contracting for Mutual of Omaha. I bought some nice clothes and some nice $50 Dockers dress shoes (super comfortable) and I am now in the process of buying all the office supplies that I need. I need to buy a landline phone and wireless headset that can make 3 way calls easily. Then after that I have to research cold call lists. I know of Listshack, but I don't know how recent/accurate their numbers are and it sounds like their numbers aren't srubbed with the Do Not Call list. I did all my AHIP 2017 testing and got a perfect 50/50 on my test. So I am on the correct path now. I won't start a LLC until I get an office after I hit 250 clients. My goal is 50 clients year 1 and 60 year 2 which is very obtainable although the Wisconsin market is very different from Arizona and Florida. I want to move and may move to Missouri or Oregon since they have a nice Birthday guarantee issue period, but so many seniors in Florida and Arizona.

I have read the underwriting guides and it is fairly easy (with exception to medications lists grr) and I have had prior success telemarketing, so I know it will work. After getting some business cards created I will be going you guys on the grind once again.

To the previous agent who commented that you cannot call a Medicare beneficiary you are wrong. You can only telemarket for Medicare Supplements (barring any State regulations) and set an appointment on that premise. Once at the appointment if the client wants you to discuss Part C and/or D, you just need to have them sign a Scope form and you can sell them the C or D plan on the same initial visit. This is a fine line you are walking, but you are in 100% compliance if you do it this way. CMS made the do not telemarket for C or D rule and supplements do not apply.

ListShack does scrub the #'s. I download one list scrubbed and another list not scrubbed(to cold door knock).

I take it that those are MA companies...other than MOFO(who you should ditch). You definitely need to get you some Med Supp companies.

 

[Residentzombie]

Aetna contracting is with American Continental/Continental Life which has good products in my area and is only supplements and cancer plans. United Healthcare is for Part D and Medicare Complete which will be 40% to 50% of my overall business. Humana is primarily for Part D, but sometimes in outer areas they have a good MA plan where UHC does not. MoO is for Med supps and I don't care about the 3% lower commission rate if the product is right for the consumer (although I do care about the 50% commission rate for non 65 guarantee issue policies). I agree that I need 1 more Med sup carrier and 1 more PDP carrier like SilverScript.

I haven't thought about door knocking the people excluded from the No Call list. May I ask you how successful is it for you? I also want to post a Craigslist ad, why not it is free.

 

[goillini52]

Aetna contracting is with American Continental/Continental Life which has good products in my area and is only supplements and cancer plans. United Healthcare is for Part D and Medicare Complete which will be 40% to 50% of my overall business. Humana is primarily for Part D, but sometimes in outer areas they have a good MA plan where UHC does not. MoO is for med supps and I don't care about the 3% lower commission rate if the product is right for the consumer. I haven't thought about door knocking the people excluded from the No Call list. May I ask you how successful is it for you? I also want to post a Craigslist ad, why not it is free.

I like Aetna/ACI for Med Supps, but they're no longer competitive in my area. If you want to do what's right by your clients...ditch the MOFO. There are too many better options....avoid the MOFO shell game.

90% of the phone #'s are on the DNC list. Door knocking a targeted data list has been successful for me, but I'm in the minority. Not many do it...it's not for everybody, but it gives you an advantage because not many are doing it. I was trained to knock doors(canvass)when I 1st got into the business back in the Stone Ages, so it's natural to me and I enjoy it. You can't be shy or thin skinned..and you'd better toughen up your knuckles if you're going to do it.

Why don't you want to buy leads?

 

[Residentzombie]

I don't want to buy leads because most leads companies give you leads that have been given to 6 other agents before you. I am a very good telemarketer and have 6 years experience. I know how to hit the right phrases and overcome the common objections very well. "Send me your info in the mail" and "I already have insurance" are the top two objections. I will eventually hire a part time telemarketer, but I soon want to relocate to another State (in 2 to 3 years).

I did try canvasing once for a home improvement company, but I didn't care for the time and gas money it took to produce leads. I felt it was quicker and cheaper to cold call.

 

[goillini52]

I don't want to buy leads because most leads companies give you leads that have been given to 6 other agents before you. I am a very good telemarketer and have 6 years experience. I know how to hit the right phrases and overcome the common objections very well. "Send me your info in the mail" and "I already have insurance" are the top two objections. I will eventually hire a part time telemarketer, but I soon want to relocate to another State (in 2 to 3 years).

You're describing internet leads. I prefer to make my own leads too.

 

[Residentzombie]

I have been out of the industry for 1 and 1/2 years and knew that ACI was starting to creep up in cost with rate increases. You being in Illinois and me in Milwaukee, we are going to share similar markets. May I ask what is the top selling Medicare supplement plan you are writing now? I understanding what you mean with MoO continuously closing their risk pools and opening new ones. The death spiral of old policy rates is bad with them.

PS Don't worry I'm not licensed in Illinois so I am not your direct competition. My market is southeast Wisconsin only.

 

[goillini52]

I have been out of the industry for 1 and 1/2 years and knew that ACI was starting to creep up in cost with rate increases. You being in Illinois and me in Milwaukee, we are going to share similar markets. May I ask what is the top selling Medicare supplement plan you are writing now? I understanding what you mean with MoO continuously closing their risk pools and opening new ones. The death spiral of old policy rates is bad with them.

PS Don't worry I'm not licensed in Illinois so I am not your direct competition. My market is southeast Wisconsin only.

Hahahaa, I'm not worried about competition. You can have Chicago. Every state is going to be different, as to which companies are the most competitive.

I've just recently changed my lineup. The 3 I'll be going with the most are all competitive. I'm going with Liberty Bankers for price, LCBA if I think they might be iffy and I want to know before I go that they're approved and Bankers Fidelity for diabetic/heart and the tougher placements.

 

[jdlash]

I just wanted to chime in and extend my apologies for my rude comment yesterday.

I took your post completely the wrong way. I have a 12 year old that is very analytical and overthinks things way to much. She gets counseling and takes medication for anxiety. She also comes across as the expert in EVERYTHING as a safeguard for her anxiety. The last thing she would need is some asshole like me being a jerk when she was just trying to help and also get some answers herself.

I'm not saying your her, but you seem to be analyzing everything so much that your probably struggling quite a bit getting started. I get it wanting everything to be perfect, but the best thing I did when I started my P&C agency was to just jump in and not look back.

My business is completely different then the day I started. Even the name is different.

You have the knowledge and you said you like telemarketing. Get a list and start selling!